News Centre

Statement Of CFTC Commissioner Dan M. Berkovitz On Recent Trading In The WTI Futures Contract Before The Energy And Environmental Markets Advisory Committee Meeting

Date 07/05/2020

Summary

On April 20th, the price of the West Texas Intermediate (“WTI”) crude oil futures contract for May delivery collapsed from about $18 per barrel to negative $37 per barrel, a fall of $55 per barrel in one trading session.  During this abrupt drop, the price of the May futures contract diverged from the price of crude oil in the physical market, just when the prices in the futures and physical markets should have been converging.  The CFTC must determine the causes of this unprecedented price movement and divergence from physical markets.  The Commission should work with the Chicago Mercantile Exchange (“CME”) to ensure that trading in upcoming WTI expirations is orderly, supports convergence, and reflects supply and demand in the physical market, while maintaining sufficient liquidity for commercial market participants.  If convergence issues persist, the CFTC’s Energy and Environmental Markets Advisory Committee (“EEMAC”) can play an important role in advising the Commission on how to achieve these objectives. 

Bank Of England: The Bank’s Risk Management Approach To Collateral Referencing LIBOR For Use In The Sterling Monetary Framework - Market Notice

Date 07/05/2020

This market notice (Market Notice) forms part of the Documentation for the Bank of England’s operations under the Sterling Monetary Framework (SMF) and should be read in conjunction with the main SMF Documentation, each as amended from time to time. This Documentation is available on the Bank’s website. Any capitalised term used in this Market Notice and not otherwise separately defined herein, shall bear the same meaning as set out in the glossary to the SMF Terms and Conditions. The Market Notice may be supplemented and amended from time to time.

TMX Group Equity Financing Statistics – April 2020

Date 07/05/2020

TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for April 2020.

EBA Welcomes EU Commission Launch Of AML/CFT Action Plan And Stands Ready To Provide Support

Date 07/05/2020

• Common rules and a single supervisor are necessary to ensure consistent outcomes across the single market 
• The proposals are a logical next step to the EBA’s new role to lead coordinate and monitor AML/CFT supervision across the EU 
• The EBA stands ready to advise on ways to strengthen the regulatory framework and establish a new European AML Authority

Moscow Exchange Trading Volumes In April 2020

Date 07/05/2020

In April 2020, total trading volume across Moscow Exchange’s markets grew by 15.9% to reach RUB 85.5 trln (RUB 73.8 trln in April 2019).

BIS: Effects Of Covid-19 On The Banking Sector: The Market's Assessment

Date 07/05/2020

Key takeaways

• Banks' performance on equity and debt markets since the Covid-19 outbreak has been on a par with that experienced after the collapse of Lehman Brothers in 2008.
• During the initial phase, the market sell-off swept over all banks, which underperformed significantly relative to other sectors. Still, markets showed some differentiation by bank nationality, and credit default swap (CDS) spreads rose the most for those banks that had entered the crisis with the highest level of credit risk.
• The subsequent stabilisation, brought about by forceful policy measures since mid-March, has favoured banks with higher profitability and healthier balance sheets. Less profitable banks saw their long-term rating outlooks revised to negative. And the CDS spreads of the riskiest banks continued increasing even through the stabilisation phase.

CFTC Orders Trader And His Firm To Pay $150,000 For Wash Sales

Date 07/05/2020

The Commodity Futures Trading Commission today issued an order filing and settling charges against respondents Mehran Khorrami, from New York, and his New York firm, Cayley Investment Management, LLC (CIM), for engaging in wash sales and non-competitive transactions. The order requires Khorrami and CIM to pay a civil monetary penalty of $150,000.

Nigerian Stock Exchange Commits N100million To Support The Fight Against Covid-19

Date 07/05/2020

The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce that it has committed N100Million to support the fight against the Coronavirus (COVID-19) pandemic in Nigeria. N60Million out of this sum will be donated to the Capital Market Support Committee for COVID-19 (CMSCC), while the balance N40Million will be devoted to the “Masks For All Nigerians” campaign.

IMF Executive Board Approves A US$214 Million Disbursement To Nepal To Address The COVID-19 Pandemic

Date 07/05/2020

• The IMF Executive Board approves the 50th request for emergency financial assistance to help its member countries address the challenges posed by COVID-19.
• The IMF Executive Board approved the disbursement of US$214 million in emergency financing to help Nepal address urgent balance of payments needs created by COVID-19, which is having a severe impact on remittances, tourism, and domestic activity, and will substantially weaken Nepal’s GDP growth, balance of payments, and fiscal position.
• To address the pandemic, the Government of Nepal has taken measures to increase health spending, strengthen social assistance, ensure adequate liquidity in the financial system, and support access to credit.
• IMF financing will help fill immediate financing needs and will catalyze additional financing from Nepal’s development partners to support the COVID-19 response.

Trendrating Analytics Data Now Available Via The Bloomberg Enterprise Access Point

Date 07/05/2020

Trendrating, a global leader in cutting edge “trend capture” data and technology, today announced that its ratings data and analytics are now available to Bloomberg Data License clients via the Bloomberg Enterprise Access Point (“BEAP”). This new additional offering on BEAP makes it possible for portfolio managers and quantitative analysts to access data with a robust methodology to rate price trends, validate investment ideas, add an extra layer of risk control and capture additional Alpha. Trendrating’s advanced analytics are a powerful complement to both fundamental and quantitative investment approaches.